The Advisors’ Inner Circle Fund

Acadian Emerging Markets Portfolio Semi-Annual Report

April 30, 2016

Investment Adviser: Acadian Asset Management LLC

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016

TABLE OF CONTENTS

Shareholder Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Disclosure of Fund Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 3 17 18 19 20 21 32

The Portfolio files their complete schedule of investments of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after period-end. The Portfolio’s Forms N-Q are available on the SEC’s web site at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. A description of the policies and procedures that the Portfolio uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a portfolio voted proxies relating to portfolio securities during the most recent 12month period ended June 30, is available (i) without charge, upon request, by calling 1-866-AAM-6161; and (ii) on the SEC’s website at http://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

Dear Shareholder: We are pleased to present the semi-annual report for the Acadian Emerging Markets Portfolio (the “Portfolio”). This commentary covers the six months from November 1, 2015 to April 30, 2016, focusing on the Portfolio’s performance and some of the conditions and decisions that impacted returns.

Portfolio Performance Review For the six months ended April 30, 2016, the Portfolio returned -2.38%, versus -0.01% for the MSCI Emerging Markets Index, a widely followed emerging markets benchmark.

Market Review Emerging markets as a whole trailed their developed counterparts early in the period. China’s central bank put forth additional easing measures in an effort to support faltering economic activity. In India, meanwhile, declining exports, weakness in the agricultural sector, and lackluster private investment overshadowed positives such as improvement in industrial output and policy measures aimed at boosting economic growth. Finally, countries with significant oil and commodity exports — including Russia, South Africa, and Brazil — lagged as prices for these products slid. The asset class appeared to turn a corner as the New Year commenced, with a rally beginning in late January. Brazil posted strong gains late in the period, fueled by expectations of a change in political leadership. Conversely, China’s equity market was down as weak economic data, accelerating capital outflows, and further currency depreciation led to a selloff that prompted officials to again introduce measures intended to calm investors — including cash injections and foreign exchange market intervention. Moreover, first-quarter GDP was shown to have expanded by 6.7% year-over-year, the slowest quarterly growth since 2009. For the period as a whole, emerging markets collectively returned -0.01%. Weaker markets included Greece, China, and Qatar. Among the stronger performers in the asset class were Hungary, Brazil, and Peru.

Portfolio Structure The Portfolio was invested in a broad range of emerging companies and markets over the period. The investment process considered both bottom-up company attractiveness and topdown country ratings, combined with benchmark-relative risk controls, to determine individual stock positions. The Portfolio was attractively valued relative to the MSCI Emerging Markets Index on important measures such as share price relative to earnings and book value. Significant country overweight positions included Korea, Turkey, Brazil, and India. The Portfolio was generally underweighted relative to the benchmark in China, Russia, Taiwan, and Mexico.

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THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

Portfolio Performance The Portfolio underperformed the benchmark for the period. The Portfolio gained value from overweight positions in Peru and Turkey, as well as an underweight position in China. This was more than offset, however, by value lost from stock selection in Brazil and Taiwan, along with a combination of stock selection and an underweight position in Russia. We continue to view the asset class positively and believe it forms an essential part of global portfolio diversification. Please let us know if we can provide any additional information. Sincerely,

Brian K. Wolahan Senior Vice President This represents the manager’s assessment of the Portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-866-AAM-6161 or visit our website at www.acadian-asset.com. Investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not protect against market loss. Holdings are subject to change. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

SECTOR WEIGHTINGS† 22.4% Financials 21.0% Information Technology 10.7% Consumer Discretionary 9.1% Telecommunication Services 8.7% Energy 7.3% Utilities 6.8% Materials 5.9% Industrials 5.7% Consumer Staples 1.5% Health Care 0.5% Short-Term Investment 0.4% Utilites 0.0% Warrant

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 96.6% Shares

Argentina — 0.6% Ternium ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Brazil — 7.9% Banco do Brasil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BM&F Bovespa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CETIP - Mercados Organizados . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cia de Saneamento Basico do Estado de Sao Paulo . . . . . . . . . . . . . . . Cia de Saneamento de Minas Gerais-COPASA . . . . . . . . . . . . . . . . . . Cia Energetica de Minas Gerais ADR . . . . . . . . . . . . . . . . . . . . . . . . . Cosan, Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cosan SA Industria Comercio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EDP - Energias do Brasil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fibria Celulose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kroton Educacional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Light . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lojas Renner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Marfrig Global Foods* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The accompanying notes are an integral part of the financial statements. 3

373,565 $ 1,810,800 754,900 887,500 457,600 83,000 115,100 413,702 55,841 94,200 1,879,100 1,077,900 4,620,707 180,800 496,800 254,800 2,055,600

Value

7,624,462 11,483,186 3,757,763 12,626,408 5,609,483 634,944 717,858 810,856 300,425 868,801 6,933,424 9,496,364 12,185,742 673,942 1,497,948 1,529,874 3,837,160

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued

Brazil — (continued) MRV Engenharia e Participacoes . . . . . . . . . . . . . . . . . . . . . . . . . . . . Multiplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nova Embrapar Participacoes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Porto Seguro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Raia Drogasil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sao Martinho . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Seara Alimentos* (A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Smiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tim Participacoes ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tim Participacoes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ultrapar Participacoes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares

Value

96,800 $ 162,000 854 550,300 640,900 41,300 911 380,900 128,997 1,524,100 247,400

338,030 1,770,613 — 4,444,962 10,346,084 537,137 2 4,434,465 1,430,577 3,403,384 5,220,271 104,889,703

Chile — 0.9% Enersis Americas ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enersis Chile ADR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Latam Airlines Group ADR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

746,534 746,534 37,107

6,390,331 4,755,422 266,428 11,412,181

China — 14.0% Agricultural Bank of China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Alibaba Group Holding ADR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Angang Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Baidu ADR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bank of China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bank of Chongqing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bank of Communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Changyou.com ADR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Citic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Communications Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Construction Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Finance Online ADR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Lodging Group ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Machinery Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Merchants Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Ming Yang Wind Power Group ADR* . . . . . . . . . . . . . . . . . . . China Petroleum & Chemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Railway Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Southern Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Sports International* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Telecom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The accompanying notes are an integral part of the financial statements. 4

43,478,000 17,300 476,000 7,654 77,239,000 332,500 4,211,000 26,036 15,177,000 2,568,000 37,588,000 31,435 55,346 302,000 1,537,500 159,793 3,108,000 351,500 10,720,000 670,000 38,942,000

15,750,259 1,331,062 225,822 1,487,172 31,565,139 263,191 2,665,499 524,105 9,548,113 1,214,991 24,180,294 176,665 1,995,777 205,956 3,381,473 383,503 2,215,736 449,520 6,744,137 6,975 19,378,375

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued

China — (continued) Chongqing Rural Commercial Bank . . . . . . . . . . . . . . . . . . . . . . . . . . Dongfeng Motor Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Future Land Holdings, Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guangdong Electric Power Development, Cl B . . . . . . . . . . . . . . . . . . Guangzhou R&F Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Huadian Power International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Huaneng Power International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Industrial & Commercial Bank of China . . . . . . . . . . . . . . . . . . . . . . . Kunlun Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NetEase ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Oriental Education & Technology Group ADR . . . . . . . . . . . . . . People’s Insurance Group of China . . . . . . . . . . . . . . . . . . . . . . . . . . . PetroChina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Qingling Motors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Semiconductor Manufacturing International* . . . . . . . . . . . . . . . . . . . Shanghai Mechanical and Electrical Industry, Cl B . . . . . . . . . . . . . . . Shenzhen Expressway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shimao Property Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sinopec Shanghai Petrochemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tencent Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TravelSky Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Weichai Power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Weiqiao Textile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Xinhua Winshare Publishing and Media . . . . . . . . . . . . . . . . . . . . . . . XTEP International Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zijin Mining Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares

Value

3,122,000 $ 1,228,000 603,239 443,033 232,800 2,700,000 8,152,000 933,000 1,608,000 132,860 426,852 4,865,000 2,562,000 228,000 4,278,000 268,300 446,000 836,000 4,950,000 37,500 484,000 264,000 891,000 433,000 643,000 840,000

1,646,145 1,348,807 933,069 251,305 325,930 1,388,828 5,853,709 506,379 1,401,343 18,693,402 16,715,524 1,969,356 1,885,936 74,071 352,966 614,407 396,731 1,159,659 2,437,701 768,187 902,247 318,560 669,666 404,704 380,483 278,307 185,371,186

Colombia — 0.1% Almacenes Exito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Avianca Holdings ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ecopetrol ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

52,823 114,340 51,865

297,058 664,315 515,538 1,476,911

Egypt — 0.2% Commercial International Bank Egypt . . . . . . . . . . . . . . . . . . . . . . . . . Talaat Moustafa Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Telecom Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

419,328 521,702 282,406

2,128,217 391,429 246,987 2,766,633

The accompanying notes are an integral part of the financial statements. 5

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued Shares

Greece — 0.0% Hellenic Telecommunications Organization . . . . . . . . . . . . . . . . . . . . . Motor Oil Hellas Corinth Refineries . . . . . . . . . . . . . . . . . . . . . . . . . .

33,461 $ 25,046

Value

323,364 285,234 608,598

Hong Kong — 5.2% Belle International Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Aoyuan Property Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Foods* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China High Speed Transmission Equipment Group . . . . . . . . . . . . . . . China Lesso Group Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Lilang . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Mobile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Resources Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Unicom Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CITIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Future Land Development Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . Geely Automobile Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GOME Electrical Appliances Holding . . . . . . . . . . . . . . . . . . . . . . . . . HL Technology Group* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Longfor Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nine Dragons Paper Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Real Nutriceutical Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Skyworth Digital Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tianneng Power International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tonly Electronics Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uni-President China Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Universal Health International Group Holding . . . . . . . . . . . . . . . . . . .

1,908,000 1,459,000 902,000 319,000 3,091,000 31,000 2,742,500 474,000 12,566,000 655,000 1,724,000 13,925,000 502,000 162,000 1,781,000 349,000 885,000 4,950,000 2,886,000 9,000 814,000 794,000

1,170,839 289,659 332,571 247,982 1,705,511 19,862 31,448,823 1,170,808 14,838,990 959,249 246,702 6,947,331 64,717 43,440 2,507,254 251,506 101,542 3,241,759 2,369,996 4,177 759,757 71,652 68,794,127

India — 10.4% Amtek Auto* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apollo Tyres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aurobindo Pharma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bharat Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Britannia Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ceat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chennai Petroleum* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dishman Pharmaceuticals & Chemicals . . . . . . . . . . . . . . . . . . . . . . . Geometric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gujarat State Fertilizers & Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . HCL Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The accompanying notes are an integral part of the financial statements. 6

676,330 2,552,288 1,513,398 1,270,556 96,004 162,677 139,387 85,471 101,511 515,989 1,401,532

407,348 6,162,354 17,339,165 18,733,661 4,143,239 2,694,361 449,178 437,084 323,678 578,377 15,853,603

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued

India — (continued) Hexaware Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Himatsingka Seide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hindustan Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Housing Development & Infrastructure* . . . . . . . . . . . . . . . . . . . . . . . Indian Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indraprastha Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ITC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JK Tyre & Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jubilant Life Sciences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mindtree . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MRF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NCC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nilkamal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Petronet LNG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sasken Communications Technologies . . . . . . . . . . . . . . . . . . . . . . . . Tata Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tata Consultancy Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tata Elxsi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tata Motors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tata Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Torrent Power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uflex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . UPL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Welspun India* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WNS Holdings ADR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares

Value

591,538 $ 138,814 1,133,997 515,398 1,302,357 189,529 576,488 596,820 66,589 158,782 15,393 4,436 30,379 266,868 76,232 67,380 239,446 108,901 1,414,189 65,880 71,369 63,461 211,997 924,060 69,980

2,151,047 490,338 14,254,033 669,015 8,506,651 1,638,127 2,824,209 756,710 400,909 1,624,924 7,841,019 5,223 562,261 1,060,351 392,480 412,021 9,152,953 3,134,865 8,706,227 348,718 252,584 169,488 1,719,180 1,392,429 2,217,666 137,805,476

Indonesia — 2.0% Adaro Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bank Negara Indonesia Persero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bank Tabungan Negara Persero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Darma Henwa* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gudang Garam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indofood Sukses Makmur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Matahari Department Store . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Telekomunikasi Indonesia ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Telekomunikasi Indonesia Persero . . . . . . . . . . . . . . . . . . . . . . . . . . . Unilever Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Tractors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,942,400 10,168,800 6,633,600 6,998,260 276,400 1,983,600 765,300 99,890 39,309,300 124,300 1,119,700

162,872 3,535,331 885,285 26,533 1,451,372 1,071,667 1,102,571 5,331,129 10,581,439 401,279 1,273,544 25,823,022

The accompanying notes are an integral part of the financial statements. 7

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued

Malaysia — 2.7% British American Tobacco Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . JCY International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KSL Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Land & General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Petronas Dagangan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sunway Construction Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supermax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tenaga Nasional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Top Glove . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unisem M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . YTL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares

Value

22,400 $ 818,000 377,300 36,465 201,200 1,313,300 338,100 8,483,300 1,311,800 569,500 1,111,700

263,077 138,200 120,728 3,174 1,227,853 544,617 225,025 31,183,972 1,665,565 322,180 443,940 36,138,331

Mexico — 2.2% Alfa, Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Alpek, Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Axtel* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bio Pappel* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Controladora Vuela Cia de Aviacion ADR* . . . . . . . . . . . . . . . . . . . . . Gruma, Cl B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Grupo Aeroportuario del Pacifico, Cl B . . . . . . . . . . . . . . . . . . . . . . . . Grupo Financiero Banorte, Cl O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Grupo Financiero Inbursa, Cl O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Industrias Bachoco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OHL Mexico* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wal-Mart de Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

570,926 789,784 762,000 15,115 100,694 649,232 624,141 465,258 150,810 67,218 1,803,469 879,015

1,073,847 1,323,449 339,264 19,486 2,102,491 9,463,395 5,893,273 2,645,304 295,578 281,692 2,963,389 2,172,420 28,573,588

Peru — 1.5% Credicorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

138,042

20,074,068

Philippines — 0.3% Cebu Air . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . First Gen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Globe Telecom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vista Land & Lifescapes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43,690 2,004,500 49,525 102,800

82,931 865,713 2,317,416 10,524 3,276,584

Poland — 2.4% Asseco Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eurocash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The accompanying notes are an integral part of the financial statements. 8

32,968 407,688

500,097 5,821,139

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ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued

Poland — (continued) PGE Polska Grupa Energetyczna . . . . . . . . . . . . . . . . . . . . . . . . . . . . Polski Koncern Naftowy ORLEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . Polskie Gornictwo Naftowe i Gazownictwo . . . . . . . . . . . . . . . . . . . . . Tauron Polska Energia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares

Value

601,318 $ 1,057,155 1,879,540 2,327,921

2,076,362 19,041,226 2,501,490 1,805,276 31,745,590

Qatar — 0.5% Barwa Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ooredoo QSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Development QSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

672,906 26,239 50,408

6,248,585 661,039 267,142 7,176,766

Russia — 0.2% Rosneft OAO GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sberbank of Russia PJSC ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sistema GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

60,826 55,243 222,295

332,110 442,828 1,633,868 2,408,806

South Africa — 6.7% Anglo American Platinum* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Brait* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Clicks Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FirstRand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gold Fields ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Harmony Gold Mining ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Harmony Gold Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Impala Platinum Holdings* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liberty Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MMI Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Peregrine Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reinet Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reunert . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sanlam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sappi* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sasol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sibanye Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SPAR Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Standard Bank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Steinhoff International Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The accompanying notes are an integral part of the financial statements. 9

10,788 305,309 49,136 6,622,312 1,446,326 832,437 87,163 8,121 34,502 29,471 254,071 2,796,214 133,875 120,467 135,618 1,237,229 297,263 458,614 745,490 81,254 355,722 1,929,174

311,608 3,413,782 358,875 21,283,137 6,797,732 3,046,719 308,295 33,659 266,098 341,617 2,496,938 4,649,471 280,723 273,003 681,555 5,997,001 1,288,430 14,961,475 2,806,994 1,214,365 3,191,571 12,055,940

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ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued Shares

South Africa — (continued) Telkom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

660,239 $

Value

2,628,851 88,687,839

South Korea — 20.1% AMOREPACIFIC Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AtlasBX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BGF Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BNK Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CJ Hellovision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CKH Food & Health* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Coway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dongwon Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dongyang E&P . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ecoplastic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e-LITECOM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GS Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hana Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hanwha . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hanwha Chemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hite Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Husteel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hyosung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hyundai Hy Communications & Network . . . . . . . . . . . . . . . . . . . . . . Hyundai Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interpark Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INTOPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KB Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kia Motors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Korea District Heating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Korea Electric Power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Korea Petrochemical Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KT&G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kwangju Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LG Chemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LG Display . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LG Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LG Uplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lotte Chemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NS Shopping* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The accompanying notes are an integral part of the financial statements. 10

3,830 58,104 3,452 3 89,261 33,523 80,755 4,460 81,660 15,443 228,571 17,423 17,537 544,880 283,370 27,843 14,760 22,760 6,683 15,910 9,379 46,080 8,242 20,253 486,365 2,802 385,710 2,321 437,709 8,194 73,625 9,225 658,339 79,479 143,340 9,742 1,916

564,718 2,554,863 563,518 25 16,764,836 361,886 203,766 385,954 310,328 203,304 666,013 207,963 851,146 12,266,256 9,400,900 614,579 200,790 318,608 718,508 51,665 517,763 356,297 151,183 551,029 20,446,624 173,619 20,920,553 479,722 11,736,010 884,555 580,910 2,404,621 13,809,287 4,059,749 1,408,994 2,500,908 252,238

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ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued

South Korea — (continued) Samsung Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Samsung Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Seoyon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Seoyon E-Hwa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SK Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SK Hynix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SK Innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SK Telecom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sungwoo Hitech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tongyang Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Woori Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Youngone Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares

Value

70,736 $ 26,087 89,170 119,199 53,939 778,039 28,587 43,628 24,895 2,196 33,896 1,111,627 12,045

77,291,838 2,507,045 966,517 1,600,619 10,604,122 19,222,220 3,888,876 7,887,808 1,903,067 17,943 315,339 10,244,061 679,738 265,572,881

Taiwan — 9.1% Accton Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AU Optronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BES Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cheng Loong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Coretronic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Darwin Precisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Elite Advanced Laser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Elitegroup Computer Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Formosa Chemicals & Fibre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Formosa Petrochemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fubon Financial Holding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Global Brands Manufacture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Global Lighting Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hon Hai Precision Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Innolux . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inventec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mercuries & Associates Holding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Micro-Star International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pegatron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pou Chen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Powertech Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shinkong Synthetic Fibers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Star Comgistic Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taishin Financial Holding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan Business Bank* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The accompanying notes are an integral part of the financial statements. 11

450,000 11,198,000 1,119,000 1,863,680 386,250 586,000 58,200 300,926 898,000 877,000 11,543,520 389,643 171,000 12,184,147 24,709,640 5,368,851 82,138 234,000 6,451,343 7,507,270 1,199,000 649,000 342,000 3,088,807 1,265,242

422,054 3,263,610 208,861 667,395 351,485 219,843 279,695 184,737 2,294,211 2,493,439 14,047,783 88,311 307,506 29,125,902 7,661,191 3,553,932 47,623 373,640 13,661,573 9,473,410 2,431,234 172,045 137,318 1,168,370 326,383

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued Shares

Taiwan — (continued) Taiwan Land Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan PCB Techvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan Semiconductor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan Semiconductor Manufacturing ADR . . . . . . . . . . . . . . . . . . . . Taiwan Surface Mounting Technology . . . . . . . . . . . . . . . . . . . . . . . . Taiwan Union Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TOPBI International Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Microelectronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Win Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Winbond Electronics* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yuanta Financial Holding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

816,200 $ 294,000 454,000 460,456 647,829 395,000 108,000 25,149,000 651,361 13,969,000 2

Value

272,041 284,857 547,565 10,862,157 539,305 351,487 398,474 9,356,897 1,231,917 3,629,437 1 120,435,689

Thailand — 4.2% Asia Aviation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bangchak Petroleum NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bangkok Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bangkok Bank NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delta Electronics Thailand NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . Indorama Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IRPC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Krung Thai Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Krung Thai Bank NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PTG Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PTT Exploration & Production NVDR . . . . . . . . . . . . . . . . . . . . . . . . PTT Global Chemical NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PTT NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Regional Container Line NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Siam Cement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Srithai Superware NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Syntec Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thai Airways International NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . Thai Oil NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thai Union Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thanachart Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thanachart Capital NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tipco Asphalt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tisco Financial Group NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMB Bank NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vanachai Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,381,800 2,847,900 665,900 420,400 169,700 575,000 11,804,100 5,257,400 10,352,900 1,216,000 380,100 4,904,800 1,519,100 839,700 32,850 2,235,400 4,029,200 759,800 1,065,700 1,144,400 3,005,900 2,550,300 4,257,200 273,600 17,278,300 1,043,600

229,443 2,527,481 3,126,470 1,973,822 349,797 469,152 1,723,473 2,633,968 5,186,824 518,706 818,853 8,776,124 13,220,910 152,651 458,941 134,393 336,824 315,405 2,013,633 678,187 2,990,410 2,537,158 2,998,200 340,727 1,127,813 391,387 56,030,752

The accompanying notes are an integral part of the financial statements. 12

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

COMMON STOCK — continued

Turkey — 5.2% Aksa Akrilik Kimya Sanayii . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Alarko Gayrimenkul Yatirim Ortakligi‡ . . . . . . . . . . . . . . . . . . . . . . . Arcelik . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eregli Demir ve Celik Fabrikalari . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim* . . . . . . . . . . . . . . Koza Anadolu Metal Madencilik Isletmeleri* . . . . . . . . . . . . . . . . . . . Petkim Petrokimya Holding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pinar Entegre Et ve Un Sanayi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trakya Cam Sanayii . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Turk Hava Yollari* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Turk Sise ve Cam Fabrikalari . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Turkiye Halk Bankasi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Turkiye Is Bankasi, Cl C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Turkiye Petrol Rafinerileri . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Turkiye Vakiflar Bankasi TAO, Cl D . . . . . . . . . . . . . . . . . . . . . . . . . Vestel Beyaz Esya Sanayi ve Ticaret . . . . . . . . . . . . . . . . . . . . . . . . . . Vestel Elektronik Sanayi ve Ticaret* . . . . . . . . . . . . . . . . . . . . . . . . . . Yapi ve Kredi Bankasi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares

Value

277,387 $ 66,476 43,402 7,209,954 302,419 834,501 604,873 5,162 1,139,484 4,118,616 5,693,549 402,476 5,266,492 248,712 7,272,104 94,879 972,347 450,286

966,592 890,940 291,467 12,033,769 148,075 417,549 888,502 22,637 871,514 10,156,701 7,956,317 1,546,325 9,241,771 6,564,468 12,839,240 437,094 2,516,009 688,786 68,477,756

United Arab Emirates — 0.2% Abu Dhabi Commercial Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aldar Properties PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Emaar Properties PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

692,966 616,795 311,940

1,245,222 456,773 576,530 2,278,525

TOTAL COMMON STOCK (Cost $1,272,414,545) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,277,449,474

PREFERRED STOCK — 2.2%

Brazil — 2.2% Banco Bradesco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Banco do Estado do Rio Grande do Sul . . . . . . . . . . . . . . . . . . . . . . . . Braskem, Ser A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Centrais Eletricas Brasileiras, Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . Cia de Transmissao de Energia Eletrica Paulista . . . . . . . . . . . . . . . . . Cia Energetica de Minas Gerais . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cia Energetica de Sao Paulo* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cia Paranaense de Energia, Ser B . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B . . . . . . . . . Gerdau . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The accompanying notes are an integral part of the financial statements. 13

475,134 81,500 947,210 32,900 60,100 3,127,116 406,100 303,800 92,100 410,400

3,587,768 203,557 6,777,884 123,115 991,866 6,210,134 1,689,697 2,502,480 229,765 936,728

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

PREFERRED STOCK — continued Shares/ Number of Warrants

Brazil — (continued) Metalurgica Gerdau, Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . San Carlos Empreendimentos e Participacoes* (A) . . . . . . . . . . . . . . . Suzano Papel e Celulose, Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Telefonica Brasil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vale, Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Value

858,000 $ 455 371,200 235,200 226,200

TOTAL PREFERRED STOCK (Cost $61,642,888) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

720,977 — 1,421,445 2,902,344 1,037,195 29,334,955

WARRANT — 0.0%

Thailand — 0.0% Jasmine International, Expires 12/31/20* . . . . . . . . . . . . . . . . . . . . . .

1

—

TOTAL WARRANT (Cost $—) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

SHORT-TERM INVESTMENT — 0.5%

Union Bank, N.A. Diversified Money Market Fund, Fiduciary Shares, 0.020% (B) (Cost $6,043,624) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TOTAL INVESTMENTS — 99.3% (Cost $1,340,101,057) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,043,624

6,043,624 $ 1,312,828,053

Percentages are based on Net Assets of $1,322,020,251. * Non-income producing security. ‡ Real Estate Investment Trust (A) Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of April 30, 2016 was $2 and represented 0.0% of Net Assets. (B) The rate reported is the 7-day effective yield as of April 30, 2016. ADR — American Depositary Receipt Cl — Class GDR — Global Depositary Receipt NVDR — Non-Voting Depositary Receipt PJSC — Public Joint Stock Company Ser — Series

The accompanying notes are an integral part of the financial statements. 14

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

The summary of inputs used to value the Portfolio’s net assets as of April 30, 2016 was as follows: Investments in Securities

Common Stock Argentina . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . China . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . Malaysia . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . Qatar . . . . . . . . . . . . . . . . . Russia . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . South Korea . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . United Arab Emirates . . . . . Total Common Stock . . . . . . . Preferred Stock Brazil . . . . . . Total Preferred Stock . . . . . . . Warrant . . . . . . . . . . . . . . . . . Short-Term Investment . . . . . Total Investments in Securities . . . . . . . . . . .

Level 1

$

Level 2

7,624,462 104,889,701 11,412,181 185,371,186 1,476,911 — — 68,794,127 137,805,476 25,823,022 36,138,331 28,573,588 20,074,068 3,276,584 31,745,590 7,176,766 2,408,806 88,687,839 265,572,881 120,435,689 56,030,752 68,477,756 1,701,995 1,273,497,711 29,334,955 29,334,955 — 6,043,624

$1,308,876,290

$

— — — — — 2,766,633 608,598 — — — — — — — — — — — — — — — 576,530 3,951,761 — — —^ —

$3,951,761

Level 3†

Total

$— 2 — — — — — — — — — — — — — — — — — — — — — 2 —^ — — —

$

7,624,462 104,889,703 11,412,181 185,371,186 1,476,911 2,766,633 608,598 68,794,127 137,805,476 25,823,022 36,138,331 28,573,588 20,074,068 3,276,584 31,745,590 7,176,766 2,408,806 88,687,839 265,572,881 120,435,689 56,030,752 68,477,756 2,278,525 1,277,449,474 29,334,955 29,334,955 — 6,043,624

$ 2

$1,312,828,053

† A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Portfolio has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. ^ Represents security in which the fair value is $0 or has been rounded to $0. Changes in the classifications between Levels 1 and 2 occurred throughout the year when foreign equity securities were fair valued using other observable market based inputs provided by MarkIt in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment was principally traded. As of April 30, 2016, securities with a total value $3,951,761 were classified as Level 2 due to the application of the fair value provided by MarkIt. There were no other significant transfers between Level 1 and 2 assets for the six months ended April 30, 2016. All other transfers were considered to have occurred as of the end of the year. The accompanying notes are an integral part of the financial statements. 15

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

For the six months ended April 30, 2016, there were transfers between Level 1 and Level 3 assets and liabilities. Changes in the classifications between Levels 1 and 3 are due to the availability of observable inputs to determine fair value. For the six months ended April 30, 2016, securities with a total market value of $427,765 were transferred between Level 1 and Level 3. Transfers, if any, between levels are considered to have occurred as of the end of the year. For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements. 16

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016 (Unaudited)

STATEMENT OF ASSETS AND LIABILITIES Assets Investments, at Value (Cost $1,340,101,057) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign Currency, at Value (Cost $8,818,724) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends and Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivable for Capital Shares Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reclaim Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prepaid Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities Payable for Capital Shares Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable to Adviser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued Foreign Capital Gains Tax on Appreciated Securities . . . . . . . . . . . . . . . . . . . . . . . . . Payable due to Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable due to Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chief Compliance Officer Fees Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,312,828,053 8,905,738 2,412,953 1,848,949 75,169 33,677 1,326,104,539 1,206,766 1,083,473 423,301 80,224 5,447 1,636 1,283,441 4,084,288 $1,322,020,251

Net Assets Consist of: Paid-in Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Undistributed Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated Net Realized Loss on Investments and Foreign Currency Transactions . . . . . . . . Net Unrealized Depreciation on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Unrealized Appreciation on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated Foreign Capital Gains Tax on Appreciated Securities . . . . . . . . . . . . . . . . . . . . . Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

87,910 (423,301) $1,322,020,251

Institutional Class Shares: Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Asset Value, Redemption and Offering Price Per Share* . . . . . . . . . . . . . . . . . . . . . . . . . .

$

* Redemption price per share may vary depending upon the length of time shares are held.

The accompanying notes are an integral part of the financial statements. 17

$1,572,428,294 1,451,852 (224,251,500) (27,273,004)

85,048,133 15.54

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERING MARKETS PORTFOLIO FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) STATEMENT OF OPERATIONS Investment Income: Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Foreign Taxes Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenses: Investment Advisory Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Servicing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Administration Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trustees’ Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chief Compliance Officer Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Custodian Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Printing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer Agent Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legal Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Filing and Registration Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Audit Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Fees Paid Indirectly — (See Note 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Realized Loss on: Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign Currency Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Realized Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Change in Unrealized Appreciation (Depreciation) on: Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign Capital Gains Tax on Appreciated Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign Currencies and Translation of other Assets and Liabilities Denominated in Foreign Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Change in Unrealized Appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Realized and Unrealized Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Decrease in Net Assets Resulting from Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The accompanying notes are an integral part of the financial statements. 18

$ 16,241,966 3,096 (1,769,895) 14,475,167 6,791,053 2,471,736 495,620 8,172 3,021 552,664 153,224 96,543 79,397 27,059 26,891 11,086 32,519 10,748,985 (295) 10,748,690 3,726,477 (81,782,471) (476,480) (82,258,951) 19,287,084 139,367 377,103 19,803,554 (62,455,397) $(58,728,920)

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO

STATEMENTS OF CHANGES IN NET ASSETS Six Months Ended April 30, 2016 (Unaudited) Operations: Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Realized Loss on Investments and Foreign Currency Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Capital Gains Tax on Appreciated Securities, and Foreign Currencies and Translation of other Assets and Liabilities Denominated in Foreign Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Decrease in Net Assets Resulting from Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

3,726,477

Year Ended October 31, 2015 $

18,827,736

(82,258,951)

(62,722,286)

19,803,554

(243,384,241)

(58,728,920)

(287,278,791)

Dividends and Distributions: Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(18,165,966)

(19,763,239)

Total Dividends and Distributions . . . . . . . . . . . . . . . .

(18,165,966)

(19,763,239)

Capital Share Transactions: Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reinvestment of Distributions . . . . . . . . . . . . . . . . . . . . . . . Redemption Fees — (See Note 2) . . . . . . . . . . . . . . . . . . . . Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

329,518,662 16,874,296 31,170 (535,081,749)

849,328,505 17,781,099 70,621 (660,576,832)

Net Increase (Decrease) in Net Assets from Capital Share Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(188,657,621)

206,603,393

Total Decrease in Net Assets . . . . . . . . . . . . . . . . . . . . . . .

(265,552,507)

(100,438,637)

Net Assets: Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,587,572,758

1,688,011,395

End of Period (including Undistributed Net Investment Income of $1,451,852 and $15,891,341, respectively) . . .

$1,322,020,251

$1,587,572,758

Share Transactions: Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reinvestment of Distributions . . . . . . . . . . . . . . . . . . . . . . . Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22,371,811 1,130,985 (36,937,900)

49,201,059 973,773 (39,150,619)

Net Increase (Decrease) in Shares Outstanding from Share Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(13,435,104)

11,024,213

The accompanying notes are an integral part of the financial statements. 19

THE ADVISORS’ INNER CIRCLE FUND

ACADIAN EMERGING MARKETS PORTFOLIO

FINANCIAL HIGHLIGHTS Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Period Six Months Ended April 30, 2016 (Unaudited) Net Asset Value, Beginning of Period . . . .

2015

Years Ended October 31, 2014 2013 2012

2011

$16.12

$19.30

$19.15

$18.02

$17.56

$19.45

0.04

0.20

0.27

0.25

0.36

0.35

(0.43)

(3.17)

0.09

1.20

0.43

(2.06)

Total from Operations . .

(0.39)

(2.97)

0.36

1.45

0.79

(1.71)

Redemption Fees . . . . . . . .

0.00^

0.00^

0.00^

0.00^

0.00^

0.00^

Dividends and Distributions from: Net Investment Income . . . . . . . . . . . . (0.19)

(0.21)

(0.21)

(0.32)

(0.33)

(0.18)

Income from Operations: Net Investment Income* . . . . . . . . . . . Net Realized and Unrealized Gain (Loss) . . . . . . . .

Net Asset Value, End of Period . . . . . . . . . . . . . Total Return† . . . . . . . . . . .

$15.54

$16.12

$19.30

(2.38)%*** (15.51)%

1.95%

$19.15 8.05%

$18.02 4.74%

$17.56 (8.89)%

Ratios and Supplemental Data Net Assets, End of Period (Thousands) . . . . . . . . . . $1,322,020 $1,587,573 $1,688,011 $1,346,635 $820,947 $922,389 Ratio of Expenses to Average Net Assets(1) . . . 1.58%** 1.51% 1.50% 1.48% 1.31% 1.29% Ratio of Net Investment Income to Average Net Assets . . . . . . . . . . . 0.55%** 1.10% 1.41% 1.35% 2.04% 1.78% Portfolio Turnover Rate . . . 8%*** 32% 37% 45% 44% 49% * ** *** ^ †

Per share amounts for the period are based on average outstanding shares. Annualized. Not annualized. Amount was less than $0.01 per share. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. (1) The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been the same as the ratio reported.

The accompanying notes are an integral part of the financial statements. 20

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ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization: The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with 56 funds. The financial statements herein are those of the Acadian Emerging Markets Portfolio (“Portfolio”). The investment objective of the Portfolio is to seek long-term capital appreciation by investing primarily in common stocks of emerging country issuers. The financial statements of the remaining funds are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held. 2. Significant Accounting Policies: The following is a summary of the significant accounting policies followed by the Portfolio. Use of Estimates — The Portfolio is an investment company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Portfolio follows the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reported period. Actual results could differ from those estimates and such differences could be material. Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally

21

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ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2016

reflect the last reported sales price if the security is actively traded. The thirdparty pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Portfolio’s Board of Trustees (the “Board”). The Portfolio’s Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Portfolio calculates its net asset values. The closing prices of such securities may no longer reflect their market value at the

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time the Portfolio calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Emerging Markets Portfolio calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Acadian Asset Management LLC (the “Adviser”) of the Portfolio becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Portfolio calculates its net asset value, it may request that a Committee meeting be called. As of April 30, 2016, the total market value of securities in the Portfolio, valued in accordance with fair value procedures, was $2 or 0.00% of net assets. The Portfolio uses MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities in the Portfolio based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. markets that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Portfolio values its non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held. If a local market in which the Portfolio own securities is closed for one or more days, the Portfolio shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above. In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Portfolio discloses fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a 23

THE ADVISORS’ INNER CIRCLE FUND

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liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolio has the ability to access at the measurement date; • Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and • Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the six months ended April 30, 2016, there have been no significant changes to the Portfolio’s fair value methodologies. For details of the investment classification, refer to the Schedules of Investments for the Portfolio. Federal Income Taxes — It is the Portfolio’s intention to continue to qualify as regulated investment companies for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended and by distributing to shareholders all of their net investment income and realized gains. Accordingly, no provisions for Federal income taxes have been made in the financial statements. The Portfolio evaluates tax positions taken or expected to be taken in the course of preparing the Portfolio’s tax returns to determine whether it is “more-likelythan-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the

24

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position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolio did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 open tax year ends and current tax year, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof. As of and during the six months ended April 30, 2016, the Portfolio did not have a liability for any unrecognized tax benefits. The Portfolio recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended April 30, 2016, the Portfolio did not incur any interest or penalties. Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains or losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Portfolio is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the scientific interest method, which approximates the effective interest method. Foreign Currency Translation — The books and records of the Portfolio are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Portfolio does not isolate that portion of realized or unrealized gains and losses resulting from changes in foreign exchange rates from fluctuations arising from changes in the market prices of securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. 25

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Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Portfolio as unrealized gain or loss. The Portfolio recognizes realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized gains/(loss) during the period are presented on the Statement of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default. As of April 30, 2016, the Portfolio had no open forward foreign currency contracts. Expenses — Most expenses of the Trust can be directly attributed to a particular portfolio. Expenses that cannot be directly attributed to a particular portfolio are apportioned among the portfolios of the Trust based on the number of portfolios and/or relative net assets. Dividends and Distributions to Shareholders — The Portfolio distributes substantially all of their net investment income, if any, annually. Any net realized capital gains will be distributed at least annually. All distributions are recorded on ex-dividend date. Redemption Fees — The Portfolio retains a redemption fee of 2.00% on redemptions of capital shares held for less than 90 days. The redemption fee is recorded as an increase to paid-in capital. The redemption fees retained by the Portfolio are reported on the Statements of Changes in Net Assets. 3. Transactions with Affiliates: Certain officers of the Trust are also officers of the Administrator and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the CCO as described below, for serving as officers of the Trust. A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, who are employees of the Administrator, are paid for by the Trust as incurred. 26

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The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board. 4. Administrative Services, Distribution Agreements, Shareholder Servicing, and Custodian Agreement: The Portfolio and the Administrator are parties to an Administration Agreement, under which the Administrator provides administrative services to the Portfolio. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Portfolio. For the six months ended April 30, 2016, the Portfolio paid $495,620 for these services. The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement. Certain brokers, dealers, banks, trust companies and other financial representatives received compensation from the Portfolio for providing a variety of services, including record keeping and transaction processing. Such fees were based on the assets of the Portfolio that were serviced by the financial representative. Such fees are paid by the Portfolio to the extent that the number of accounts serviced by the financial representative multiplied by the account fee charged by the Portfolio’s transfer agent would not exceed the amount that would have been charged had the accounts serviced by the financial representative been registered directly through the transfer agent. All fees in excess of this amount are paid by the Adviser, an affiliate of Old Mutual (US) Holdings, Inc. These fees are disclosed on the Statements of Operations as Shareholder Servicing Fees. DST Systems, Inc. (the “Transfer Agent”) serves as the transfer agent and dividend disbursing agent for the Portfolio under a transfer agency agreement. For the six months ended April 30, 2016, the Portfolio earned cash management credits of $295, which were used to offset transfer agent expenses. This amount is labeled as “Fees Paid Indirectly” on the Statement of Operations. MUFG Union Bank, N.A. serves as custodian (the “Custodian”) for the Portfolio. The Custodian plays no role in determining the investment policies of the Portfolio or which securities are to be purchased or sold by the Portfolio. 5. Investment Advisory Agreement: Under the terms of the investment advisory agreement the Adviser provides investment advisory services to the Portfolio at a fee calculated at an annual rate of 1.00% of the Portfolio’s average daily net assets. 27

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The Adviser has voluntarily agreed to reduce fees and reimburse expenses to the extent necessary to keep the Portfolio’s total annual operating expenses from exceeding 2.50% of the Portfolio’s average daily net assets. The Adviser intends to continue these voluntary fee reductions and expense limitations until further notice, but may discontinue all or part of these fee reductions or expense reimbursements at any time. 6. Investment Transactions: For the six months ended April 30, 2016, the Portfolio made purchases of $112,446,409 and sales of $325,281,570 of investment securities other than long-term U.S. Government and short-term securities. There were no purchases or sales of longterm U.S. Government securities. 7. Line of Credit: The Portfolio entered into an agreement which enables them to participate in a $25 million unsecured committed revolving line of credit with MUFG Union Bank N.A., which is set to expire April 14, 2017. The proceeds from the borrowings shall be used to finance the Portfolio’s short term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Portfolio based on their borrowings at the current reference rate. For the six months ended April 30, 2016, the Portfolio had average borrowings of $10,496,594 over a period of 82 days at a weighted average interest rate of 3.451%. Interest accrued on the borrowings during the six months was $79,397. As of April 30, 2016, the Portfolio had no borrowings outstanding. 8. Federal Tax Information: The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. The tax character of dividends and distributions declared during the last two fiscal years were as follows:

2015 . . . . . . . . . 2014 . . . . . . . . .

Ordinary Income

Long-Term Capital Gain

Return of Capital

Total

$19,763,239 15,457,764

$— —

$— —

$19,763,239 15,457,764

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As of October 31, 2015, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows: Undistributed Ordinary Income . . . . . . . . . . . . . . . . . . . . . . . Capital Loss Carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . Net Unrealized Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . Other Temporary Differences . . . . . . . . . . . . . . . . . . . . . . . . . Total Accumulated Losses . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 16,725,820 (141,103,242) (49,125,333) (10,402) $(173,513,157)

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The capital loss carryforwards are noted below: PreEnactment Expires 10/31/17

Post Enactment Short-Term Long-Term Loss Loss

$27,553,569

$92,429,707

$21,119,966

Total Capital Loss Carryforwards

$141,103,242

During the year ended October 31, 2015 the Portfolio and did not utilize capital loss carryforwards to offset capital gains. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, held by the Portfolio at April 30, 2016, were as follows: Federal Tax Cost

Aggregated Gross Unrealized Appreciation

Aggregated Gross Unrealized Depreciation

Net Unrealized Appreciation/ (Depreciation)

$1,340,101,057

$178,888,581

$(206,161,585)

$(27,273,004)

9. Concentration of Risk: When the Portfolio invests in foreign securities, they will be subject to risks not typically associated with domestic securities. Although ADRs and GDRs are

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alternatives to directly purchasing the underlying foreign securities in their national markets and currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United States. Adverse political and economic developments or changes in the value of foreign currency can make it more difficult for the Portfolio to sell their securities and could impact their net asset value. Differences in tax and accounting standards and difficulties in obtaining information about foreign companies can negatively affect investment decisions. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. The Portfolio may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains realized and unrealized or repatriated. The Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned/ recognized. At April 30, 2016, the net assets of the Portfolio were substantially comprised of foreign denominated securities and/or currency. Changes in currency exchange rates will affect the value of and investment income from such securities and currency. 10. Other: As of April 30, 2016, 73% of the Portfolio’s total shares outstanding were held by three record shareholders. These shareholders were comprised of omnibus accounts that were held on behalf of various shareholders. In the normal course of business, the Portfolio enters into contracts that provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be established; however, based on experience, the risk of loss from such potential claims is considered remote. 11. Loans of Fund Securities: The Portfolio may lend fund securities having a market value up to one-third of the Portfolio’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. It’s the Portfolio’s policy to obtain additional collateral from or

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return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Portfolio if and to the extent the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Portfolio could also experience delays and costs in gaining access to the collateral. The Portfolio bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. During the six months and as of April 30, 2016, there were no securities on loan. 12. Subsequent Events: The Portfolio has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional adjustments were required to the financial statements.

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DISCLOSURE OF FUND EXPENSES (Unaudited) All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for Portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. Operating expenses such as these are deducted from a mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio. The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Portfolio and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2015 to April 30, 2016). The table below illustrates your Portfolio’s costs in two ways: Actual Fund Return. This section helps you to estimate the actual expenses that your Portfolio incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Portfolio, and the “Ending Account Value” number is derived from deducting that expense cost from the Portfolio’s/Fund’s gross investment return. You can use this information, together with the actual amount you invested in the Portfolio, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown under “Expenses Paid During Period.” Hypothetical 5% Return. This section helps you compare your Portfolio’s costs with those of other mutual funds. It assumes that the Portfolio had an annual 5% return before expenses during the period, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Portfolio’s comparative cost by comparing the hypothetical result for your Portfolio in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

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NOTE: Because the return is set at 5% for comparison purposes — NOT your Portfolio’s actual return — the account values shown do not apply to your specific investment. Beginning Account Value 11/01/15

Ending Account Value 04/30/16

Acadian Emerging Markets Portfolio Actual Portfolio Return $1,000.00 Hypothetical 5% Return 1,000.00

$ 976.20 1,017.01

Annualized Expense Ratios

1.58% 1.58

Expenses Paid During Period*

$7.76 7.92

*Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366.

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NOTES

Acadian Funds P.O. Box 219009 Kansas City, MO 64121 1-866-AAM-6161 Adviser: Acadian Asset Management LLC 260 Franklin Street Boston, MA 02110 Distributor: SEI Investments Distribution Co. 1 Freedom Valley Drive Oaks, PA 19456 Administrator: SEI Investments Global Funds Services 1 Freedom Valley Drive Oaks, PA 19456 Legal Counsel: Morgan, Lewis & Bockius LLP 1701 Market Street Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

ACA-SA-002-0800